Matthew Bull, the chief executive, would not confirm the departure but admitted: "Damon and I are having ongoing discussions."
Collins, who was overseas and unavailable for comment, has had a tumultuous time since he became the joint creative director with Tony Barry in September 2002.
Barry left in May to join Clemmow Hornby Inge and the agency has suffered a stream of account losses, culminating last month in the loss of the global HSBC account.
In happier times, Collins and Barry were responsible for some of the agency's strongest work including Heineken "blackmail". Collins previously partnered Mary Wear for 15 years, producing award-winning work for Yellow Pages, the RSPCA and The Health Education Council.
Collins, an art director, and Barry were hired and teamed up by the agency's former creative director Charles Inge in 2000.
Lowe has made widespread redundancies over the past week; up to 45 people are expected to leave the agency. Bull has placed an ad in this week's ±±¾©Èü³µpk10 inviting potential employers from other agencies to consider hiring some of the talent he has been forced to relinquish.
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